Notable items for the quarter:

- EPS of ($0.86), including $0.72 in items, impairments and other charges related to the downturn, and $0.12 loss from unconsolidated affiliates

- Deployed 5 remaining PACE(®)-X rigs to Colombia

- Repurchased 8.3 million shares at a cost of $78.4 million

HAMILTON, Bermuda, Oct. 27, 2015 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors") (NYSE:NBR) today reported third-quarter operating revenues of $848 million, compared to $863 million in the second quarter of 2015, and $1.81 billion in the third quarter of last year. The comparable third quarter of last year included $612 million in revenue from Completion and Production Services, a business line that merged with C&J Energy Services on March 24, 2015. The Completion and Production Services business is no longer consolidated with Nabors, and Nabors' results reflect equity-method accounting for this investment on a quarter-lag basis.

Net income from continuing operations reported for the third quarter was a loss of $250.9 million or $0.86 per diluted share. This compares to a second-quarter net income loss from continuing operations of $41.9 million or $0.14 per diluted share. The current results include $250.9 million in pre-tax charges or $0.79 per diluted share. The largest portion of the charges consisted of the impairment of Nabors' holdings in C&J Energy Services in the amount of $180.6 million. The balance consisted of numerous small asset impairments and severance costs. These impairments were partially offset by favorable tax adjustments of $19.1 million ($0.07 per diluted share). The quarter also includes a net loss of $35.1 million or $0.12 per diluted share attributable to Nabors' equity share of C&J Energy Services second quarter results.

Anthony Petrello, Nabors' Chairman and CEO, commented, "Our third-quarter results were essentially in line, as increased revenue and cash flow internationally were offset by lower results in North America due to lower activity and increased exposure to spot market pricing. We expect more moderate sequential decreases through the seasonally weak second quarter of next year with gradual declines in rig activity and more rigs converting to spot pricing both in North America and internationally. The recent new rig deployments internationally have been on time and within budget, mitigating the impact of the idling of other high contribution rigs that would likely have been renewed had it not been for the weakening environment. Our PACE(®)-X rigs continue to experience over 90% utilization and are increasingly viewed as best-in-class for pad drilling.

"Our view of the timing and shape of the recovery remains unchanged with an expectation of a protracted trough followed by a more gradual recovery than recent cycles. Accordingly, we continue to exercise stringent control over our operating, support and capital spending in order to meet our minimum goal of breakeven free cash flow. Our solid financial position and sizable liquidity allow us to remain opportunistic should attractive long-term strategic opportunities arise."

Segment Results

Adjusted income derived from operating activities ("adjusted income") in Drilling and Rig Services decreased 57% to $45.5 million from $104.9 million in the second quarter of this year. Adjusted EBITDA in this business line was $286.0 million, primarily attributable to the International segment. For the quarter the Company averaged 242 rigs operating at an average gross margin of $14,657 per rig day. Future quarters are expected to show more moderate income declines as the weak commodity price environment persists and customer spending continues to slow.

International adjusted income decreased by 11% sequentially to $74.0 million, reflecting the impact of lower utilization. Going forward, the Company continues to foresee the potential for further declines in its International results as several impactful drilling programs continue to wind down. Despite the softening conditions, full-year results for the International segment are still expected to increase compared to 2014.

In North America, our U.S. Drilling segment experienced further decline during the quarter, resulting in a decrease in adjusted income of $45.5 million from the prior quarter. In the Lower 48, activity declined throughout the quarter with 14% fewer rigs working. Canada marginally improved during the third quarter after its seasonal break up, while utilization in Alaska declined seasonally by nearly 13%. In the U.S. Gulf of Mexico, commencement of the full operating dayrate for our newest platform rig continues to be delayed for an indefinite period of time due to issues with the installation of the customer's platform.

Rig Services, which consists of the Company's manufacturing and directional drilling operations, reported negative adjusted income of $10.4 million, as the industry's newbuild activity and drilling activity has declined.

Financial Discussion

William Restrepo, Nabors' Chief Financial Officer, stated, "Nabors is taking measures to maintain our financial flexibility and commitment to free cash flow throughout this downcycle. We are targeting annualized G&A reductions of at least $110 million on a comparable basis, and continue to reduce direct rig operating and field support costs in line with our expectations of near-term drilling activity. Third quarter capital expenditures were $166 million, and we are on pace to spend approximately $900 million for the year, well below anticipated adjusted EBITDA.

"During the quarter we established a $325 million five-year term loan on attractive terms with three large global banks. This represented an opportunity to lock in an attractive LIBOR spread of 117.5 basis points and in anticipation of the maturity of our $350 million senior unsecured notes due September next year. We also took advantage of equity market volatility during the quarter by repurchasing 8.3 million shares of our common stock at an average cost of $9.47 per share. We remain committed to emerge from this cycle a stronger and even more financially sound drilling company."

About Nabors

The Nabors companies own and operate approximately 476 land drilling rigs throughout the world. Nabors' actively marketed offshore fleet consists of six jackups and 36 platform rigs in the United States and multiple international markets. Nabors also manufactures top drives, other rig components and drilling instrumentation systems. Nabors participates in most of the significant oil and gas markets in the world.

Forward-looking Statements

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties, as disclosed by Nabors from time to time in its filings with the Securities and Exchange Commission. As a result of these factors, Nabors' actual results may differ materially from those indicated or implied by such forward-looking statements. The forward-looking statements contained in this release reflect management's estimates as of the date of the release. Nabors does not undertake to update these forward-looking statements.

Media Contact:

Dennis A. Smith, Director of Corporate Development & Investor Relations, +1 281-775-8038. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail at mark.andrews@nabors.com



                                                            NABORS INDUSTRIES LTD. AND SUBSIDIARIES

                                                           CONSOLIDATED STATEMENTS OF INCOME (LOSS)

                                                                          (Unaudited)


                                        Three Months Ended                         Nine Months Ended
                                        ------------------                         -----------------

                                     September 30,         June 30,                                  September 30,
                                     -------------         --------                                  -------------


    (In thousands, except per
     share amounts)                                   2015                  2014                                        2015         2015        2014
                                                      ----                  ----                                        ----         ----        ----


    Revenues and other income:

       Operating revenues                         $847,553            $1,813,762                                    $863,305   $3,125,565  $5,020,361

       Earnings (losses) from
        unconsolidated affiliates                 (35,100)              (2,851)                                    (1,116)    (29,714)    (5,872)

       Investment income (loss)                       (22)                2,189                                       1,181        2,128      10,235

          Total revenues and other
           income                                  812,431             1,813,100                                     863,370    3,097,979   5,024,724
                                                   -------             ---------                                     -------    ---------   ---------


    Costs and other deductions:

       Direct costs                                518,174             1,181,986                                     488,522    1,926,306   3,310,220

       General and administrative
        expenses                                    81,748               138,967                                      86,290      295,171     406,863

       Depreciation and amortization               240,107               286,581                                     218,196      739,322     851,528

       Interest expense                             44,448                43,138                                      44,469      135,518     134,251

       Losses (gains) on sales and
        disposals of

         long-lived assets and other
          expense (income), net                    259,731               (1,513)                                      1,338      205,227      16,467

          Total costs and other
           deductions                            1,144,208             1,649,159                                     838,815    3,301,544   4,719,329
                                                 ---------             ---------                                     -------    ---------   ---------


    Income (loss) from continuing
     operations before income
     taxes                                       (331,777)              163,941                                      24,555    (203,565)    305,395
                                                  --------               -------                                      ------     --------     -------


    Income tax expense (benefit)                  (80,898)               61,511                                      66,445     (35,158)     86,275


    Subsidiary preferred stock
     dividend                                            -                    -                                          -           -      1,984
                                                       ---                  ---                                        ---         ---      -----


    Income (loss) from continuing
     operations, net of tax                      (250,879)              102,430                                    (41,890)   (168,407)    217,136

    Income (loss) from
     discontinued operations, net
     of tax                                       (45,275)                4,005                                       5,025     (41,067)      4,488
                                                   -------                 -----                                       -----      -------       -----


    Net income (loss)                            (296,154)              106,435                                    (36,865)   (209,474)    221,624

         Less: Net (income) loss
          attributable to
          noncontrolling interest                      320                 (387)                                         44          453     (1,213)

    Net income (loss) attributable
     to Nabors                                  $(295,834)             $106,048                                   $(36,821)  $(209,021)   $220,411
                                                 ---------              --------                                    --------    ---------    --------


    Earnings (losses) per share:
     (1)

       Basic from continuing
        operations                                  $(.86)                 $.34                                      $(.14)      $(.57)       $.72

       Basic from discontinued
        operations                                   (.16)                  .02                                         .01        (.15)        .02
                                                      ----                   ---                                         ---         ----         ---

        Basic                                      $(1.02)                 $.36                                      $(.13)      $(.72)       $.74


       Diluted from continuing
        operations                                  $(.86)                 $.34                                      $(.14)      $(.57)       $.71

       Diluted from discontinued
        operations                                   (.16)                  .01                                         .01        (.15)        .02
                                                      ----                   ---                                         ---         ----         ---

        Diluted                                    $(1.02)                 $.35                                      $(.13)      $(.72)       $.73



    Weighted-average number

       of common shares outstanding:
        (1)

       Basic                                       284,112               292,621                                     286,085      285,186     292,613
                                                   -------               -------                                     -------      -------     -------

       Diluted                                     284,112               295,005                                     286,085      285,186     295,353
                                                   -------               -------                                     -------      -------     -------



    Adjusted EBITDA (2)                           $247,631              $489,958                                    $288,177     $910,274  $1,297,406
                                                  ========              ========                                    ========     ========  ==========


    Adjusted income (loss) derived
     from operating activities (3)                  $7,524              $203,377                                     $69,981     $170,952    $445,878
                                                    ======              ========                                     =======     ========    ========


             (1)    See "Computation of Earnings (Losses)
                     Per Share" included herein as a
                     separate schedule.


             (2)    Adjusted EBITDA is computed by
                      subtracting the sum of direct costs
                      and general and administrative
                      expenses and earnings (losses) from
                      our equity method investment from
                      the sum of Operating revenues and
                      Earnings (losses) from
                      unconsolidated affiliates. Adjusted
                      EBITDA is a non-GAAP measure and
                      should not be used in isolation as a
                      substitute for the amounts reported
                      in accordance with GAAP. However,
                      management evaluates the performance
                      of our business units and the
                      consolidated company based on
                      several criteria, including adjusted
                      EBITDA and adjusted income (loss)
                      derived from operating activities,
                      because we believe that these
                      financial measures accurately
                      reflect our ongoing profitability. A
                      reconciliation of this non-GAAP
                      measure to income (loss) from
                      continuing operations before income
                      taxes, which is a GAAP measure, is
                      provided in the table set forth
                      immediately following the heading
                      "Reconciliation of Non-GAAP
                      Financial Measures to Income (loss)
                      from Continuing Operations before
                      Income Taxes".

             (3)    Adjusted income (loss) derived from
                      operating activities is computed by
                      subtracting the sum of direct costs,
                      general and administrative expenses,
                      depreciation and amortization and
                      earnings (losses) from our equity
                      method investment from the sum of
                      Operating revenues and Earnings
                      (losses) from unconsolidated
                      affiliates. These amounts should not
                      be used as a substitute for those
                      amounts reported in accordance with
                      GAAP. However, management evaluates
                      the performance of our business
                      units and the consolidated company
                      based on several criteria, including
                      adjusted income (loss) derived from
                      operating activities, because it
                      believes that these financial
                      measures accurately reflect our
                      ongoing profitability.  A
                      reconciliation of this non-GAAP
                      measure to income (loss) from
                      continuing operations before income
                      taxes, which is a GAAP measure, is
                      provided in the table set forth
                      immediately following the heading
                      "Reconciliation of Non-GAAP
                      Financial Measures to Income (loss)
                      from Continuing Operations before
                      Income Taxes".



                                              NABORS INDUSTRIES LTD. AND SUBSIDIARIES

                                               CONDENSED CONSOLIDATED BALANCE SHEETS


                                       (Unaudited)
                                        ----------


                                      September 30,                                   June 30,             December 31,

    (In thousands)                                         2015                                       2015                     2014
                                                           ----                                       ----                     ----


    ASSETS

    Current assets:

    Cash and short-term
     investments                                       $276,562                                   $469,897                 $536,169

    Accounts receivable, net                            871,385                                    908,563                1,517,503

    Assets held for sale                                 78,400                                    136,677                  146,467

    Other current assets                                492,728                                    454,018                  541,735
                                                        -------                                    -------                  -------

         Total current assets                         1,719,075                                  1,969,155                2,741,874

    Long-term investments and
     other receivables                                    2,455                                      2,617                    2,806

    Property, plant and
     equipment, net                                   7,287,531                                  7,405,441                8,599,125

    Goodwill                                            150,032                                    139,756                  173,928

    Investment in unconsolidated
     affiliates                                         460,543                                    676,234                   58,251

    Other long-term assets                              309,545                                    324,080                  303,958

         Total assets                                $9,929,181                                $10,517,283              $11,879,942
                                                     ==========                                ===========              ===========


    LIABILITIES AND EQUITY

    Current liabilities:

    Current debt                                         $8,982                                    $66,359                   $6,190

    Other current liabilities                         1,040,569                                  1,156,394                1,561,285
                                                      ---------                                  ---------                ---------

         Total current liabilities                    1,049,551                                  1,222,753                1,567,475

    Long-term debt                                    3,737,773                                  3,691,357                4,348,859

    Other long-term liabilities                         630,458                                    663,798                1,044,819
                                                        -------                                    -------                ---------

         Total liabilities                            5,417,782                                  5,577,908                6,961,153


    Equity:

    Shareholders' equity                              4,502,313                                  4,931,960                4,908,619

    Noncontrolling interest                               9,086                                      7,415                   10,170
                                                          -----                                      -----                   ------

         Total equity                                 4,511,399                                  4,939,375                4,918,789

         Total liabilities and equity                $9,929,181                                $10,517,283              $11,879,942
                                                     ==========                                ===========              ===========



                                                                                                            NABORS INDUSTRIES LTD. AND SUBSIDIARIES

                                                                                                                       SEGMENT REPORTING

                                                                                                                          (Unaudited)


    The following tables set forth certain information with respect to our reportable segments and rig activity:


                                                              Three Months Ended                                               Nine Months Ended
                                                              ------------------                                               -----------------

                                                             September 30,                                June 30,                                  September 30,
                                                             -------------                                --------                                  -------------


    (In thousands, except rig
     activity)                                                               2015                                          2014                                       2015         2015          2014
                                                                             ----                                          ----                                       ----         ----          ----


    Reportable segments:

    Operating revenues and
     Earnings (losses) from
     unconsolidated affiliates:

        Drilling and Rig Services:

          U.S.                                                           $259,939                                      $571,736                                   $321,169   $1,034,929    $1,615,106

          Canada                                                           29,929                                        80,491                                     21,413      109,182       246,973

          International                                                   516,180                                       427,558                                    458,545    1,413,886     1,191,520

          Rig Services (1)                                                 73,521                                       191,437                                    100,599      318,204       502,509
                                                                           ------                                       -------                                    -------      -------       -------

           Subtotal Drilling and Rig
            Services                                                      879,569                                     1,271,222                                    901,726    2,876,201     3,556,108


        Completion and Production
         Services:

          Completion Services                                                   -                                      352,018                                          -     207,860       856,329

          Production Services                                                   -                                      259,863                                          -     158,512       793,641
                                                                              ---                                      -------                                        ---     -------       -------

           Subtotal Completion and
            Production Services                                                 -                                      611,881                                          -     366,372     1,649,970


        Other reconciling items (2)                                      (32,016)                                     (69,341)                                  (38,421)   (117,008)    (185,717)
                                                                          -------                                       -------                                    -------     --------      --------

          Total operating revenues                                       $847,553                                    $1,813,762                                   $863,305   $3,125,565    $5,020,361

    Earnings (losses) from
     unconsolidated affiliates (3)                                       (35,100)                                      (2,851)                                   (1,116)    (29,714)      (5,872)
                                                                          -------                                        ------                                     ------      -------        ------

          Total operating revenues and
           earnings (losses) from
           unconsolidated affiliates                                     $812,453                                    $1,810,911                                   $862,189   $3,095,851    $5,014,489
                                                                         ========                                    ==========                                   ========   ==========    ==========


    Adjusted EBITDA: (4)

        Drilling and Rig Services:

          U.S.                                                            $94,505                                      $234,980                                   $136,499     $418,749      $628,678

          Canada                                                            7,516                                        25,804                                      3,732       29,716        80,139

          International                                                   186,451                                       159,588                                    176,994      564,473       436,915

          Rig Services (1)                                                (2,455)                                       30,153                                      6,341       25,469        63,820
                                                                           ------                                        ------                                      -----       ------        ------

           Subtotal Drilling and Rig
            Services (5)                                                  286,017                                       450,525                                    323,566    1,038,407     1,209,552


        Completion and Production
         Services:

          Completion Services                                                   -                                       40,507                                          -    (27,847)       61,467

          Production Services                                                   -                                       49,312                                          -      23,043       167,635
                                                                              ---                                       ------                                        ---      ------       -------

           Subtotal Completion and
            Production Services (6)                                             -                                       89,819                                          -     (4,804)      229,102


        Other reconciling items (7)                                      (38,386)                                     (50,386)                                  (35,389)   (123,329)    (141,248)
                                                                          -------                                       -------                                    -------     --------      --------

          Total adjusted EBITDA                                          $247,631                                      $489,958                                   $288,177     $910,274    $1,297,406
                                                                         ========                                      ========                                   ========     ========    ==========


    Adjusted income (loss) derived
     from operating activities:
     (8)

        Drilling and Rig Services:

          U.S.                                                          $(14,034)                                     $117,212                                    $31,445      $94,449      $279,683

          Canada                                                          (4,085)                                       11,517                                    (8,268)     (5,995)       37,902

          International                                                    74,039                                        68,452                                     83,255      262,335       167,154

          Rig Services (1)                                               (10,434)                                       21,136                                    (1,575)         864        38,923
                                                                          -------                                        ------                                     ------          ---        ------

           Subtotal Drilling and Rig
            Services (5)                                                   45,486                                       218,317                                    104,857      351,653       523,662


        Completion and Production
         Services:

          Completion Services                                                   -                                       14,211                                          -    (55,243)     (20,005)

          Production Services                                                   -                                       21,182                                          -     (3,296)       81,662
                                                                              ---                                       ------                                        ---      ------        ------

           Subtotal Completion and
            Production Services (6)                                             -                                       35,393                                          -    (58,539)       61,657


        Other reconciling items (7)                                      (37,962)                                     (50,333)                                  (34,876)   (122,162)    (139,441)
                                                                          -------                                       -------                                    -------     --------      --------

       Total adjusted income (loss)
        derived from operating
        activities                                                         $7,524                                      $203,377                                    $69,981     $170,952      $445,878
                                                                           ======                                      ========                                    =======     ========      ========


    Rig activity:

    Rig years: (9)

       U.S.                                                                 103.0                                         216.0                                      119.5        129.8         212.7

       Canada                                                                17.2                                          34.3                                        9.7         17.5          33.2

       International (10)                                                   121.3                                         130.1                                      127.1        126.1         129.1

          Total rig years                                                   241.5                                         380.4                                      256.3        273.4         375.0
                                                                            =====                                         =====                                      =====        =====         =====

    Rig hours: (11)

       U.S. Production Services                                                 -                                      205,604                                          -     129,652       626,336

       Canada Production Services                                               -                                       36,509                                          -      23,947       106,720

          Total rig hours                                                       -                                      242,113                                          -     153,599       733,056
                                                                              ===                                      =======                                        ===     =======       =======


                (1)    Includes our other services comprised
                        of our drilling technology and top
                        drive manufacturing, directional
                        drilling, rig instrumentation and
                        software services.


                (2)    Represents the elimination of inter-
                        segment transactions.


                (3)    Represents our share of the net
                        income (loss) of our unconsolidated
                        affiliates accounted for by the
                        equity method inclusive of $(31.5)
                        million, $(0.8) million and $(35.9)
                        million for the three months ended
                        September 30, 2015 and June 30, 2015
                        and the nine months ended September
                        30, 2015, respectively, representing
                        our share of the net loss of C&J
                        Energy Services, Ltd., reported on a
                        one-quarter lag.


                (4)    Adjusted EBITDA is computed by
                         subtracting the sum of direct costs
                         and general and administrative
                         expenses and earnings (losses) from
                         our equity method investment from
                         the sum of Operating revenues and
                         Earnings (losses) from
                         unconsolidated affiliates. Adjusted
                         EBITDA is a non-GAAP measure and
                         should not be used in isolation as a
                         substitute for the amounts reported
                         in accordance with GAAP. However,
                         management evaluates the performance
                         of our business units and the
                         consolidated company based on
                         several criteria, including adjusted
                         EBITDA and adjusted income (loss)
                         derived from operating activities,
                         because we believe that these
                         financial measures accurately
                         reflect our ongoing profitability. A
                         reconciliation of this non-GAAP
                         measure to income (loss) from
                         continuing operations before income
                         taxes, which is a GAAP measure, is
                         provided in the table set forth
                         immediately following the heading
                         "Reconciliation of Non-GAAP
                         Financial Measures to Income (loss)
                         from Continuing Operations before
                         Income Taxes".

                (5)    Includes earnings (losses), net from
                        unconsolidated affiliates, accounted
                        for using the equity method, of
                        $(2.9) million and $(0.3) million
                        for the three months ended September
                        30, 2014 and June 30, 2015,
                        respectively and $5.9 million and
                        $(6.1) million for the nine months
                        ended September 30, 2015 and 2014,
                        respectively.


                (6)    Includes earnings (losses), net from
                        unconsolidated affiliates, accounted
                        for using the equity method, of $0.3
                        million and $0.2 million for the
                        nine months ended September 30, 2015
                        and 2014, respectively.


                (7)    Represents the elimination of inter-
                        segment transactions and unallocated
                        corporate expenses.


                (8)    Adjusted income (loss) derived from
                        operating activities is computed by
                        subtracting the sum of direct costs,
                        general and administrative expenses,
                        depreciation and amortization and
                        earnings (losses) from our equity
                        method investment from the sum of
                        Operating revenues and Earnings
                        (losses) from unconsolidated
                        affiliates. These amounts should not
                        be used as a substitute for the
                        amounts reported in accordance with
                        GAAP. However, management evaluates
                        the performance of our business
                        units and the consolidated company
                        based on several criteria, including
                        adjusted income (loss) derived from
                        operating activities, because it
                        believes that these financial
                        measures accurately reflect our
                        ongoing profitability. A
                        reconciliation of this non-GAAP
                        measure to income (loss) from
                        continuing operations before income
                        taxes, which is a GAAP measure, is
                        provided in the table set forth
                        immediately following the heading
                        "Reconciliation of Non-GAAP
                        Financial Measures to Income (loss)
                        from Continuing Operations before
                        Income Taxes".


                (9)    Excludes well-servicing rigs, which
                        are measured in rig hours.  Includes
                        our equivalent percentage ownership
                        of rigs owned by unconsolidated
                        affiliates.  Rig years represent a
                        measure of the number of equivalent
                        rigs operating during a given
                        period.  For example, one rig
                        operating 182.5 days during a 365-
                        day period represents 0.5 rig years.


               (10)    International rig years includes our
                        equivalent percentage ownership of
                        rigs owned by unconsolidated
                        affiliates, which totaled 2.5 years
                        during the three months ended
                        September 30, 2014 and 2.5 years for
                        the nine months ended September 30,
                        2014.  As of May 24, 2015, this was
                        no longer an unconsolidated
                        affiliate.


               (11)    Rig hours represents the number of
                        hours that our well-servicing rig
                        fleet operated during the period.
                        This fleet was included in the
                        Completion and Production Services
                        business line that was merged with
                        C&J Energy Services, Inc. in March
                        2015, therefore we will no longer
                        report this performance metric.



                                                               NABORS INDUSTRIES LTD. AND SUBSIDIARIES

                                                          RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO

                                                    INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

                                                                             (Unaudited)


                                 Three Months Ended                                Nine Months Ended
                               ------------------                               -----------------

                              September 30,                  June 30,                                         September 30,
                              -------------                  --------                                         -------------


    (In thousands)                             2015                         2014                                                2015         2015          2014
                                               ----                         ----                                                ----         ----          ----


    Adjusted EBITDA                        $247,631                     $489,958                                            $288,177     $910,274    $1,297,406

    Less: Depreciation and
     amortization                           240,107                      286,581                                             218,196      739,322       851,528

    Adjusted income (loss)
     derived from operating
     activities                               7,524                      203,377                                              69,981      170,952       445,878
                                              -----                      -------                                              ------      -------       -------


    Earnings (losses) from
     equity method investment              (35,100)                           -                                              (800)    (35,900)            -

    Interest expense                       (44,448)                    (43,138)                                           (44,469)   (135,518)    (134,251)

    Investment income (loss)                   (22)                       2,189                                               1,181        2,128        10,235

    Gains (losses) on sales
     and disposals of long-
     lived assets and other
     income (expense), net

                                          (259,731)                       1,513                                             (1,338)   (205,227)     (16,467)

    Income (loss) from
     continuing operations
     before income taxes                 $(331,777)                    $163,941                                             $24,555   $(203,565)     $305,395
                                          =========                     ========                                             =======    =========      ========



                                                                                                        NABORS INDUSTRIES LTD. AND SUBSIDIARIES

                                                                                                      COMPUTATION OF EARNINGS (LOSSES) PER SHARE

                                                                                                                      (Unaudited)


    A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows:


                                                                 Three Months Ended                                            Nine Months Ended
                                                                 ------------------                                            -----------------

                                                                September 30,                               June 30,                             September 30,
                                                                -------------                               --------                             -------------


    (In thousands, except per share
     amounts)                                                                    2015                                      2014                                    2015         2015        2014
                                                                                 ----                                      ----                                    ----         ----        ----


    BASIC EPS:

    Income (loss) from continuing
     operations, net of tax                                                $(250,879)                                 $102,430                               $(41,890)  $(168,407)   $217,136

       Less: Net (income) loss
        attributable to noncontrolling
        interest                                                                  320                                     (387)                                     44          453     (1,213)

       Less: Redemption of preferred
        shares                                                                      -                                        -                                      -           -    (1,688)

       Less: Earnings allocated to
        unvested shareholders                                                   5,834                                   (1,579)                                    720        4,523     (3,286)
                                                                                -----                                    ------                                     ---        -----      ------

    Adjusted income (loss) from
     continuing operations -basic
     and diluted                                                           $(244,725)                                 $100,464                               $(41,126)  $(163,431)   $210,949

    Income (loss) from discontinued
     operations, net of tax                                                 $(45,275)                                   $4,005                                  $5,025    $(41,067)     $4,488


    Weighted-average number of
     shares outstanding-basic                                                 284,112                                   292,621                                 286,085      285,186     292,613


    Earnings (losses) per share:

         Basic from continuing operations                                      $(.86)                                     $.34                                  $(.14)      $(.57)       $.72

         Basic from discontinued
          operations                                                            (.16)                                      .02                                     .01        (.15)        .02

    Total Basic                                                               $(1.02)                                     $.36                                  $(.13)      $(.72)       $.74
                                                                               ------                                      ----                                   -----        -----        ----


    DILUTED EPS:

    Income (loss) from continuing
     operations attributed to common
     shareholders                                                          $(244,725)                                 $100,464                               $(41,126)  $(163,431)   $210,949

    Add: Effect of reallocating
     undistributed earnings of
     unvested shareholders                                                          -                                       11                                       -           -         25
                                                                                  ---                                      ---                                     ---         ---        ---

    Adjusted income (loss) from
     continuing operations
     attributed to common
     shareholders                                                          $(244,725)                                 $100,475                               $(41,126)  $(163,431)   $210,974

    Income (loss) from discontinued
     operations                                                             $(45,275)                                   $4,005                                  $5,025    $(41,067)     $4,488



       Weighted-average number of
        shares outstanding-basic                                              284,112                                   292,621                                 286,085      285,186     292,613

    Add: dilutive effect of
     potential common shares                                                        -                                    2,384                                       -           -      2,740

       Weighted-average number of
        diluted shares outstanding                                            284,112                                   295,005                                 286,085      285,186     295,353
                                                                              -------                                   -------                                 -------      -------     -------


         Diluted from continuing
          operations                                                           $(.86)                                     $.34                                  $(.14)      $(.57)       $.71

         Diluted from discontinued
          operations                                                            (.16)                                      .01                                     .01        (.15)        .02

    Total Diluted                                                             $(1.02)                                     $.35                                  $(.13)      $(.72)       $.73
                                                                               ------                                      ----                                   -----        -----        ----


    Restricted stock grants that
     contain non-forfeitable rights
     to dividends are considered
     participating securities. As
     such, these grants are included
     in our basic and diluted
     earnings (losses) per share
     computation using the two-
     class method of accounting. For
     all periods presented, the
     computation of diluted earnings
     (losses) per share excluded
     outstanding stock options with
     exercise prices greater than
     the average market price of
     Nabors' common shares because
     their inclusion would have been
     anti-dilutive and because they
     were not considered
     participating securities. The
     average number of options that
     were excluded from diluted
     earnings (losses) per share
     that would have potentially
     diluted earnings (losses) per
     share were 9,416,647, 5,389,090
     and 9,860,422 shares during the
     three months ended September
     30, 2015 and 2014 and June 30,
     2015, respectively, and
     9,910,476 and 6,341,624 shares
     during the nine months ended
     September 30, 2015 and 2014,
     respectively. In any period
     during which the average market
     price of Nabors' common shares
     exceeds the exercise prices of
     these stock options, such stock
     options are included in our
     diluted earnings (losses) per
     share computation using the if-
     converted method of accounting.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nabors-announces-third-quarter-results-300167249.html

SOURCE Nabors Industries Ltd.